Olav Thon Eiendomsselskap (OLT) Q3 2025 earnings summary

Executive summary

• Delivered stable Q3 2025 results with profit before tax at NOK 486 million, reflecting a slight year-over-year decrease but maintaining a solid financial foundation and record dividend payout.

• Gross rental income increased to NOK 992 million, and net rental income rose to NOK 875 million in Q3 2025.

• Retail sales in shopping centers grew by 4% to NOK 15,392 million, with continued market leadership in shopping centers and commercial real estate.

• Achieved full ownership of Sartor Storsenter after acquiring the remaining 40%.

Financial highlights

• Result before tax was NOK 486 million in Q3 2025, down from NOK 502 million in Q3 2024.

• Result before tax, value changes, and currency was NOK 559 million, up from NOK 518 million year-over-year.

• Gross rental income increased 4% year-over-year to NOK 992 million in Q3 2025.

• Net rental income for Q3 was NOK 875 million, up from NOK 831 million in Q3 2024.

• Equity ratio remained stable at 51%, and loan-to-value at 36%.

Outlook and guidance

• Solid market position and financial strength expected to support continued operational performance despite high interest rates and macroeconomic uncertainty.

• Norges Bank signals further rate cuts over the next year, with inflation moderating but still above target.

• Norwegian economic growth is expected to slow, with moderate increases in unemployment and wage growth.